A Dallas-based company has expanded its reach in the real estate sector by acquiring a Canadian counterpart.A Dallas-based company has expanded its reach in the real estate sector by acquiring a Canadian counterpart. Ryan LLC, which claims to be the world’s leading provider of business tax services, has purchased the property tax portion of Altus Group Limited, a Toronto-based company. The deal, valued at $500 million, gives Ryan access to Altus’ client base in the US, Canada, and the UK. This acquisition is the latest in a series of moves by Ryan to consolidate its position in the real estate market. The company has previously acquired businesses specializing in extraction taxes, tax credits, excise taxes, and property taxes. The deal has also raised questions about Ryan’s use of non-compete agreements, which restrict employees from working for competitors. Ryan is currently embroiled in a lawsuit with the Federal Trade Commission, which has banned such agreements as employment conditions. Despite the legal challenge, Ryan remains committed to its work-from-home policy, which allows employees to set their own hours and work from anywhere.
A Dallas company that claims to be the world’s largest provider of business tax services is taking over some of its commercial real estate accounts by acquiring a Canadian counterpart.
Ryan LLC has entered into an agreement to purchase the property tax portion of the commercial real estate services business of Toronto-based Altus Group Limited, the Dallas Morning News reported.
The $500 million purchase is expected to close next year, subject to regulatory approval. Ryan also agreed to a $5 million annual subscription to Altus Market Insights for three years.
The deal expands Ryan’s client base in the US and Canada and gives the company access to the UK property tax services market.
The deal is the latest in a series of roll-up strategies that has seen Ryan bring numerous businesses under his wing, adding specialists in areas such as extraction taxes, tax credits, excise taxes and property taxes across multiple markets.
Altus Group’s property tax division had revenue of $193 million last year and employs 975 people worldwide. Ryan is valued at $2.5 billion and has nearly 5,000 employees, the outlet reported.
Ryan is embroiled in a lawsuit against the Federal Trade Commission in an attempt to overturn the agency’s decision to ban non-compete agreements as employment conditions. The agreements are seen by some as a barrier to workers starting similar businesses or moving to competitors.
Ryan argues that such agreements protect intellectual property and claims that voiding them gives the government undue control over the decisions of private companies.
Ryan has also long been a supporter of the work-from-home trend, promising employees the chance to “thrive in a guilt-free workplace where the focus is on results and superior customer service, rather than where and when the work gets done.”
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